There are many different aspect ratios and even non-notch phones create bezels when the ratio of the content doesn’t match the ratio of the display. Typically, vital content doesn’t appear at the edges of a video and if it does, zooming out is an option. I’ve never found this to be an issue on this or any other phone.It's not a problem except for video playback with a wide aspect ratio. Watching a movie or show with a notch in it is utterly ridiculous, but luckily the default is to zoom out and create a small pillbox around it. It's not a *huge* deal but recreates virtual bezels.
Apple claiming that this is a 5.8 inch screen is a bit dubious IMO. Otherwise, it's a great phone.